Brookfield and real estate manager ATCAP Partners have formed and new partnership and invested an undisclosed sum to buy a 3.5m sqft logistics portfolio in the US for the venture.
The acquired portfolio consists of 51 logistics properties located in markets such as Dallas, Denver, Austin, Houston and Oklahoma City. The portfolio is currently more than 94% leased.
Brookfield is making the investment through its real estate secondaries business. The deal lifts Dallas-based ATCAP’s national logistics portfolio to more than 9.5m sqft.
Marcus Day, managing director at Brookfield Real Estate Secondaries, said: “We are pleased to form this venture with a high-quality operator in ATCAP, and to invest in an attractive portfolio of sunbelt logistics assets.
“As we continue to see the rapid growth of e-commerce drive demand for infill locations in major population centres, this GP-led secondary transaction is emblematic of the types of investments we are pursuing in the real estate secondaries space.
David Cartwright, principal at ATCAP, said: “This transaction is a key milestone for ATCAP as we look to grow our industrial holdings in attractive markets across the US.
“We have seen particularly strong growth in this space over the past year, and this portfolio represents a compelling opportunity to partner with an industry-leading partner in Brookfield. We look forward to continuing to work together to expand our partnership and build on this momentum.”
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